Mirae Asset Daewoo Lowers Fees for Individual IRP Accounts

Reduction of Individual IRP Customer Fee Burden, Up to 24% Decrease by Amount Bracket
20% Discount on Fees for Customers Starting Pension Receipt, Exemptions on Management Fees for Young Adults Applied

[Asia Economy Reporter Song Hwajeong] Mirae Asset Daewoo announced on the 3rd that it will reduce the fees for individual retirement pension (IRP) customers starting from that day to alleviate their fee burden.

The main changes include a reduction in the basic fee rate and the introduction of additional discount items. The basic fee for individual IRP will be segmented by amount brackets, and the fee rates for each bracket will be lowered by 0.05 to 0.08 percentage points. In some amount brackets, fees have been reduced by up to 24% compared to the previous fees to minimize customers' cost burden.

In addition to the existing discount rates for long-term subscribers, all customers will receive a 20% discount on subscriber fees, and customers who have started receiving pensions will also get a 20% discount on fees. Social beginners aged 34 or younger will be offered an exemption from operation management fees.

The additional discount items can be combined with the long-term discount rate (10-15%) based on subscription period, allowing customers to enjoy greater benefits.

This fee reduction is significant as it expands benefits to middle-aged and older adults approaching retirement and pension commencement, as well as young adults starting their social life. The benefits will also be uniformly applied to existing subscribers from this day forward. Kim Ki-young, Head of the Pension Solutions Division at Mirae Asset Daewoo, said, “Mirae Asset Daewoo’s 2019 IRP yield ranked first among all retirement pension providers, reflecting our efforts in pension asset management and yield improvement. We will continue to strive to improve pension yields by lowering customers’ cost burdens and providing performance-linked products that meet diverse demands.”

At the end of 2019, Mirae Asset Daewoo’s retirement pension reserves amounted to 10.5 trillion KRW, and the disclosed annual yields for 2019 were 5.66% for IRP and 6.59% for Defined Contribution (DC), the highest among all 42 retirement pension providers.

For detailed inquiries regarding the individual IRP fee reduction, customers can contact the Mirae Asset Daewoo Pension Asset Management Center.

This content was produced with the assistance of AI translation services.